BitFuFu (NASDAQ:FUFU) Sees Large Volume Increase After Earnings Beat

Shares of BitFuFu Inc. (NASDAQ:FUFU) saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. 4,510,080 shares were traded during trading, an increase of 1,267% from the previous session’s volume of 329,909 shares.The stock last traded at $3.1590 and had previously closed at $3.19.

The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. BitFuFu had a return on equity of 10.33% and a net margin of 12.44%.

Analyst Ratings Changes

FUFU has been the topic of several recent research reports. B. Riley started coverage on shares of BitFuFu in a report on Friday, July 18th. They set a “buy” rating and a $7.31 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of BitFuFu in a report on Tuesday, August 19th. Wall Street Zen upgraded BitFuFu from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Roth Capital assumed coverage on BitFuFu in a research report on Wednesday, August 13th. They issued a “buy” rating and a $6.00 price target for the company. Finally, Zacks Research upgraded BitFuFu from a “hold” rating to a “strong-buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.45.

Institutional Trading of BitFuFu

Several hedge funds have recently added to or reduced their stakes in the business. Wedbush Securities Inc. purchased a new stake in shares of BitFuFu during the first quarter valued at approximately $50,000. Vident Advisory LLC purchased a new stake in shares of BitFuFu in the 1st quarter worth about $905,000. Jane Street Group LLC purchased a new stake in shares of BitFuFu in the 1st quarter worth approximately $57,000. Harvest Portfolios Group Inc. purchased a new position in shares of BitFuFu in the 2nd quarter worth about $142,000. Finally, Invesco Ltd. bought a new position in shares of BitFuFu in the second quarter worth approximately $321,000. 37.26% of the stock is owned by institutional investors.

BitFuFu Stock Down 3.3%

The company has a debt-to-equity ratio of 0.70, a current ratio of 2.97 and a quick ratio of 2.96. The company has a market cap of $506.40 million, a P/E ratio of 10.67 and a beta of 0.31. The company’s 50-day moving average is $3.67 and its two-hundred day moving average is $3.62.

About BitFuFu

BitFuFu Inc provides digital asset mining and cloud-mining services in Singapore. It also offers miner rental, and miner hosting and sales services to institutional customers and individual digital asset enthusiasts. The company is based in Singapore, Singapore.